ABI opposes Brussels on credit-rating agencies

The Association of British Insurers will tell the European Union today that it does not support its proposals to regulate credit-rating agencies. The influential investor body will argue that the authorities should instead look more closely at the "asymmetry of information" between the organisations involved in the issue of securities and those who buy them. Issuers pay credit-rating agencies to rate their bonds and investment banks receive a fee for selling them. The agencies became a hot topic in the credit crunch when bonds that had been given the highest ratings turned toxic. Jill Treanor

Nestlé's US head takes the helm at Unilever

Unilever yesterday appointed the Nestlé executive Paul Polman to succeed Patrick Cescau as chief executive. Polman, 52, had his hopes for the top job at Nestlé dashed last year when it went to Paul Bulcke. He was given Bulcke's old post, heading Nestlé's operations in the US. Polman, who is Dutch, spent 26 years at Procter & Gamble, rising to group president Europe, before joining Nestlé as finance director in 2006. Cescau's retirement ends a 35-year career at Unilever - whose 400 brands include Domestos, Cif, Knorr and Flora - where he oversaw a radical cost-cutting and disposal programme. Chris Tryhorn

500-megawatt offshore windfarm gets green light

An offshore wind farm that will provide enough electricity to power 372,000 homes has been given the go-ahead, it was announced yesterday. The 500-megawatt Duddon Sands scheme, off the coast of Barrow-in-Furness, Cumbria, is one of the UK's largest offshore wind farms agreed to date. It will comprise up to 139 turbines and the energy secretary, John Hutton, has also approved plans for another 150MW wind farm nearby. He said the farms would significantly increase the amount of renewable energy in Britain, "helping to cut the UK's carbon emissions and secure our energy supplies". Press Association

Telefonica picks up phone business in China

Spain's Telefónica has secured a position in the consolidating Chinese market with plans to invest up to €802m (£650m) to increase its stake in China Netcom. It is one of only two western telecoms operators with investments in China and already holds a 5% stake in China Netcom, the second-largest fixed-line operator there. Telefónica plans to buy out US investment group AllianceBernstein to raise its stake by a further 5.74%. China Netcom is in the process of merging with mobile phone operator China Unicom, and Telefónica will eventually have 5.5% of the combined business. Richard Wray

Lloyd's List group spurns private equity consortium

The media group Informa, which owns Lloyd's List and the academic publisher Routledge, turned down a £1.9bn offer last night from the private-equity groups Providence Equity, Carlyle and Blackstone. The consortium pitched its bid at 450p a share, below the 506p submitted in June as an indicative bid by Providence, Carlyle and their previous partners, Hellman & Friedman. "The board believes that the revised offer significantly undervalues Informa," said Derek Mapp, Informa's chairman. The groups made their move after the collapse of a potential £3bn merger with United Business Media. Chris Tryhorn